After such plan for reorganization has been submitted to the board of directors of the bank so making such request for a reorganization, the directors of such bank by and with the consent of 75 percent in value of the stockholders and 75 percent in value of the common creditors are authorized and empowered to make a report of such plan to the circuit court of the county in which the principal business office of the bank is located, such report to be accompanied by a petition for its confirmation and approval.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 9A - Reorganization of Banks.
Section 5-9A-1 - Cooperation of Superintendent in Reorganization of Bank.
Section 5-9A-2 - Submission of Reorganization Plan to Court for Confirmation and Approval.
Section 5-9A-3 - Publication of Reorganization Plan.